Though the discount retailers' quarterly results are sending shares in opposite directions, both look like deals.

Early Thursday, Wal-Mart Stores (ticker: WMT) reported third-quarter earnings of $3.64 billion, or $1.08 per share, up from 97 cents in the year-ago quarter and one penny ahead of analyst expectations. But the stock sold off on worries about revenue, which rose 3.4% but came in below analyst estimates, and on...